Luxury goods are highly benefitting the economic recovery continuously in Hong Kong. This country is witnessing its lowest rate of unemployment in the last 20 years and the tourism industry is witnessing strong gains. After a midway slump, this category has witnessed a recovery with rising in consumer confidence and inbound arrivals. Footwear and designer apparel belong to the largest category of luxury goods that has also seen a lot of growth. Non-grocery items account for maximum luxury goods sale and the story is shifting towards e-commerce retailing with many big brands establishing their online shops.
The headquarters of luxury goods are mostly based in Hong Kong. Additionally, due to the proximity of this country to China’s huge emerging market, Hong Kong is showing no sign to cut back spending on luxury goods. What differentiates Hong Kong luxury goods market from other markets all over the world is they belong to the middle-class family instead of the super-rich. They have big-name labels, and this is another reason for increasing luxury good sales. Asia accounts for luxury goods sales of 40 percent and 홍콩명품 are bought maximum apart from Japan.
Hong Kong is a mecca for shoppers of luxury items. People of Hong Kong shall be glad to know that when the matter involves luxury spending, Hong Kong is accountable for 55 percent of consumption of total purchases. This is quite a staggering figure. For local consumers, luxury is not an aspirational purchase, but it is a part of their lifestyle. Most shoppers try to maintain or enhance spending in luxury items in the coming years. This holds true for young shoppers who will be responsible for maximum sales.
According to a study, 90 percent of Hong Kong luxury goods shoppers conduct online research prior to making a purchase. Search engines and brand websites are most sources people use. With readily available information online, consumers spend more time on online research than before. Nearly 80 percent of shoppers who are aged between 18 and 34 years spend three weeks on an average researching on 홍콩명품. These people are not alone: 64 percent of buyers who are more than 45 years spend an equal amount of time on research before it leads to a purchase. Retailers who once used to consider online, a separate channel compared to physical channel is becoming outdated quickly. Whether online or offline, it is not a distinction anymore made by them.